Copper

Katanga Mining announced on Friday it has secured $635.5 million in new loan facilities from parent Glencore International to fund the expansion of its Democratic Republic of Congo copper-cobalt mine. The Toronto-listed firm wants to bump copper production to 270,000 tonnes per annum and thereafter bump it up to 310,000 tonnes from cash flow. The company is already ramping up copper production with financials results also out on Friday showing year to date copper in ore mined was 157,658 tonnes, a 96% increase over 2010. Cobalt produced fell 30% to 593 tonnes, but that was in line with expectations. Katanga says with the expansion the DRC complex it could become Africa's largest producer of copper and the world's number one cobalt mine.

While peace in Afghanistan still looks to be a utopian dream, AFP reports that developing nations like China and India are eager to make resource deals in the troubled country even before the guns fall silent: While an end to the fighting seems remote for now, mining lots are being quickly parcelled out among Afghanistan's resource-hungry neighbours, potentially sparking a new "Great Game" for control of its battle-worn ground. According to mining ministry documents seen by AFP, Afghanistan is planning to sell extraction rights for up to five mines every year until the departure of the last foreign combat troops in 2014 -- a rattling pace, say experts.

Reuters reports the Chairman of Chile's Codelco vowed on Thursday to go ahead with buying a 49% stake in Anglo American's southern Chilean properties. The state copper giant said that it would take all steps to ensure its option is respected and that it did not mind if Anglo cedes a part of its own stake to others. Anglo American on Wednesday sold a 24.5% stake in the properties that includes the newly expanded $2.8 billion Los Bronces mine to Japan’s Mitsubishi Corp. for $5.39 billion, undermining plans by Chile’s state-owned Codelco to exercise an option to buy half of it. Chile decided at the end of October to exercise the 33-year old option that has lapsed before, blindsiding Anglo. Anglo said the transaction values its Chile properties at $22 billion. Codelco was offering $6 billion for 50%.

Reuters reports Anglo American on Wednesday sold a 24.5% stake in its southern Chilean properties to Japan's Mitsubishi Corp. for $5.39 billion, undermining plans by Chile's state-owned Codelco to exercise an option to buy half of it. Chile decided at the end of October, barely a week after Anglo American announced that the $2.8 billion they splashed on expanding their flagship Los Bronces mine will start to bear fruit before year end, to exercise the 33-year old option that has lapsed before, blindsiding Anglo. Anglo said the transaction values its Chile properties at $22 billion. Codelco was offering $6 billion for 50%.

First Quantum Minerals (TSE:FM) is expanding its Kansanshi copper mine in Zambia. The company announced Wednesday that annual copper production will increase by 60% to 400,000 metric tons by the end of 2014, from its current 250,000 t/a, Fox Business News reported:

Fortune Minerals (TSE:FT), the Ontario company behind a huge anthracite coal project in BC, has signed a cooperation agreement with a native group for its NICO gold--bismuth-copper project in the Northwest Territories, Canada. "The signing of this agreement expands on our existing long-term relationship with the Tlicho Government and the Tlicho people", said Fortune Minerals President Robin Goad. "The agreement lays the foundation for discussions on fundamental topics of interest such as the possible environmental and cultural impacts of the NICO Project on Tlicho owned lands."

CALGARY, ALBERTA--(Marketwire - Nov. 9, 2011) - Gold Royalties Corporation is pleased to announce that it has signed a binding letter agreement with Strategic Metals Ltd. (TSX-V: SMD) ("Strategic"). Under the terms of the letter agreement, Gold Royalties Corporation will acquire Strategic's net smelter royalty interests (the "Royalty Interests") in the Kink 3 mineral claim and the Northern Dancer tungsten-molybdenum property for $13.8 million, less any royalties earned on the Royalty Interests up to the closing date for the sale. "Having recently announced our expansion into Yukon with the acquisition of a royalty interest on the highly prospective Blende silver-zinc-lead deposit, Gold Royalties Corporation is very pleased to have reached this agreement with Strategic to add further high-quality Yukon mining royalties to our company. Combined with our existing royalty interests in Canada, we remain committed to the execution of our acquisition-focused business model and to our continued growth as an emerging royalty holder on mineral ore bodies in Canada," said Ryan Kalt, President of Gold Royalties Corporation.

Taseko Mines' hopes were kept alive when the Minister of the Environment, Peter Kent, ordered the Canadian Environmental Assessment Agency to set up a panel to examine the company's New Prosperity copper-gold mine. "The Minister of the Environment instructed the Agency to design a process that will thoroughly assess whether the proposal addresses the environmental effects identified in the environmental assessment of the original Prosperity project. He also directed the Agency to ensure that information obtained during the previous environmental assessment is used to the extent possible in order to ensure a timely decision," said the agency in a statement. The review, which will include public hearings, are supposed to be wrapped up in a year.

Business Spectator reports Rio Tinto's Tom Albanese and BHP Billiton's Marius Kloppers find themselves caught up in a tough US political battle as partners on the Resolution Copper venture in Arizona. At the end of last month the Republican-controlled Congress approved a bill to make possible a land exchange clearing the way for what would be North America’s largest copper mine. But the world's two biggest mining groups now await approval in the Senate, a much tougher task. For BHP a go-ahead on Resolution Copper would mean it will at last have something to show for a disastrous acquisition it made more than 15 years ago.